Calculate the corrected net income for 2013 and 2014, Accounting Basics

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Calculate the corrected net income for 2013 and 2014

ABC Co. has the following information relating to some errors that were discovered regarding their income statement in 2013 and 2014:

	Ending Inventory	Depreciation Expense
2013	$3,000 overstated	$1,000 understated
2014	$2,000 understated	$4,000 overstated

ABC Co reported a net income of $95,000 in 2013 and $90,000 in 2014. Assume that no corrections were made and ignore income taxes.

1) Calculate the corrected net income for 2013 and 2014. Please show all calculations.

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Accounting Basics: Calculate the corrected net income for 2013 and 2014

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Accounting Basics: Calculate the corrected net income for 2013 and 2014

Reference No:- TGS0675259

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Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Calculate the corrected net income for 2013 and 2014

Reference No:- TGS0675259

Recent Questions Asked Accounting Basics

Q : Calculate the growth rate

Q : The income statement for the year ending december

Q : Expected rate of return for mason common stock

Q : Calculate the amount of depreciation expense for 2015

Q : Calculate the corrected net income for 2013 and 2014

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